Should ICOs be regulated?

ICOs are becoming popular for start-up companies to raise funds without issuing equity or other more traditional capital instruments. However, at present they are not regulated, do you think they should be? Do people investing in ICOs understand the risks?

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ICOs are a way for early-stage companies to raise money for blockchain projects, without selling equity, by issuing virtual tokens or coins which can be bought by investors. While some coins have already produced high returns in secondary sales, the ICO market has been largely unregulated, and offers investors next to no protection.